Deepak Parekh

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NEW DELHI: With banking sector poised for exponential growth, the number of bank branches are expected to double and 70,000 more branches will be added by the end of this decade, eminent banker Deepak Parekh has said. The prospects for the Indian banking sector are very promising, he said at an investors conference yesterday. Noting that banking sector would see exponential growth by the end of this decade, Parekh said that with a growing bankable population by 2020, the number of bank branches are expected to double from 2010 levels.

NEW DELHI:The Reserve Bank may find it difficult to cut interest rate in its second quarter monetary policy review later this month in view of high inflation, HDFC Chairman Deepak Parekh said today. "Inflation numbers have marginally tweaked up. It is very difficult for RBI to cut interest rates. I don't think this time interest rates will come down because (inflation) numbers don't justify reduction," he said. Parekh was talking to reporters after a meeting with Finance Minister P Chidambaram here.

MUMBAI: Amidst stubborn prices in most of the real estate markets, HDFC chairman Deepak Parekh today said the residential price escalation now seems to be a thing of the past. "My view is that real estate prices should come down, at least on the residential side. The days of prices shooting up have gone," Parekh told shareholders during the company's annual general meeting here this evening. He also said the commercial real estate segment has collapsed and the prices of commercial properties are unlikely to rise.

AHMEDABAD: Amid a raging debate on how to tackle corruption, a major issue in election-bound India, HDFC Ltd Chairman Deepak Parekh today suggested that the country should adopt UK Bribery Act to tackle the menace. "India should adopt the UK Bribery Act, that was introduced there two years ago," Parekh suggested, while delivering a talk at the Ahmedabad Management Association. "UK introduced the UK Bribery Act in 2010 as per which it is a criminal offence both for the giver and taker of bribe, and both giver and taker go to jail," he said.

ET Now caught up with Deepak Parekh, Chairman, HDFC, for his views on a range of issues, including the current market rally, infrastructure growth, Cairn Vedanta deal, Coal India IPO and the rising interest rates. He says that amongst emerging economies we have one of the highest interest rates, and agriculture, infrastructure and land laws are the three big challenges to keep India's double digit growth going. Excerpts: What drivers would you attribute this entire rally to and is there really a true story on the fundamental side?

NEW DELHI: Lauding Narendra Modi for being a prime minister who leads from the front, industry leader Deepak Parekh has said the new government has created a "feel good wave", but time is ticking fast to convert this euphoria into "real changes" on the ground. Known for speaking his mind, Parekh said that if real changes are not seen on the ground, then India might well lose the chance of becoming a preferred investment destination. "We are riding a feel good wave and we are lucky that it has lasted so long.

MUMBAI: Pitching for greater efforts by the government to weed out corruption, industry leader Deepak Parekh today said shell companies are being used for paying bribes and 'speed money' remains a challenge for corporates. "Speed money facilitates routine transactions and services, except they get delivered faster. So rampant is this practice that many chiefs have called for a legalisation of 'facilitation payments'. I don't agree with this. It still remains a bribe," Parekh, chairman of country's largest mortgage lender HDFC , said at a CII seminar on risks here.

In an attempt to rebuild its brand, beleaguered national carrier Air India is trying to get big guns from corporate India on board. The airline has sent out feelers to industry stalwarts like NRN Narayana Murthy, Deepak Parekh & S Ramadorai to join the board as non-executive directors according to two sources familiar with the development. "We have approached quite a few Industry captains informally. The government is quite keen to have these people on board. Now they have to get back to us," said a senior official in the ministry.

NEW DELHI: A panel headed by Housing Development Finance Corporation chairman Deepak Parekh has suggested that the government help developers of stranded power projects, attract private investments in coal mining and allow large consumers to buy power directly from producers, as part of its recommendations on reviving investment in infrastructure. According to the high-level committee, the power sector presents the most complex of all challenges facing the economy. It estimated that distribution companies make a loss of about Rs 1 on every unit of electricity supplied to consumers.

Veteran leaders of India Inc , Deepak Parekh and Ashok Ganguly , have spoken up in favour of opening up multi-brand retail to foreign investment. Further, they have called upon fellow industrialists to oppose mindless obstructionism that blocks Parliament. This is brave and admirable. Why is it remarkable for reform-minded industrialists to favour foreign investment? The point is that these two captains of industry are taking a stand in a political stand-off between the government and the Opposition.